Category Archives for "Local News (Char-Meck)"

Local News Occurring in the Charlotte-Mecklenburg Region

Mecklenburg Home Sales Up in 2010

The following was published in The Mecklenburg Times on Tuesday, January 11, 2011:

Home sales rose 4.9 percents in Mecklenburg County in 2010, while the average sales price jumped 4 percent, according to the Charlotte Regional Realtor Association.
There were 10,631 sales, up from 10,131 in 2009.
The average sales price was $218,456, compared with $210,086 in 2009.
In 2010, the number of sales in the 10 counties tracked by the Carolina Multiple Sales Listing Services area, including Mecklenburg, increased 27 percent, or 0.1 percent, from 2009. The average sales price was $201,145, up 0.1 percent to $200,988.

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Charlotte Business Journal: “Mecklenburg, Union worst for foreclosure”

According to an article published today in the Charlotte Business Journal, Mecklenburg and Union counties had the highest frequency of foreclosures in the state last year, with one in 34 housing units facing repossession.

The following is an excerpt from the article:

The statewide average was one in 63 units, according to the data compiled by the N.C. Justice Center.

The top 6 counties by foreclosures per housing unit are:

•Mecklenburg: 1 in 34

•Union: 1 in 34

•Dare: 1 in 37

•Currituck: 1 in 43

•Cabarrus: 1 in 44

•Brunswick: 1 in 45

Mecklenburg had the greatest number of foreclosures last year, at 12,176, followed by Wake County (5,584) and Guilford County (4,101). Forsyth County ranked fourth, at 2,396, followed by Union, at 2,050. Gaston County had 1,705 filings, the ninth-most in the state. Cabarrus County ranked 10th with 1,609.

“Now is the time for our leaders to support vital public investments that create jobs and help people stay in their homes,” said Bill Rowe, director of advocacy at the N.C. Justice Center. “We need to make critical investments in North Carolina’s future prosperity, like preserving essential programs that help homeowners avoid foreclosure.”

The N.C. Justice Center, based in Raleigh, is a research and advocacy organization that seeks to eliminate poverty.
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If you or someone you know is facing foreclosure, contact a Certified Distressed Property Expert by <a href=”″>clicking here</a>.

Success in Distress Workshop for Agents

Join us for our Success in Distress Workshop for Agents!
Wednesday December 8th
3:00 p.m. – 5:00 p.m.

-Learn how to sell a HUD Home from the Owner and Broker-In-Charge of a HUD Registered Firm
-Gain insight into how to successfully sell foreclosures, short sales and distressed properties
-Pertinent mortgage information via Wells Fargo to share with your buyers

This is a FREE event, but donations will be made to Boys and Girls Club of Greater Charlotte.

Limited Space Available! Register Today!

NC Foreclosures Up 40% Year-Over-Year (excerpt)

North Carolina’s residential foreclosures in October rose 40 percent from a year ago and were up nearly 13 percent from September.

Some 4,818 N.C. homes were in the foreclosure process in October, or one of every 872 households, according to RealtyTrac Inc. The state ranks 31st in the nation for rate of filings, the firm says.

Foreclosures nationwide in October fell .04 percent from a year ago and 4.4 percent from September. One in every 389 U.S. households received a foreclosure filing last month.

Nationwide, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 332,172 properties last month.

Realty Trac says October marks the 20th consecutive month where more than 300,000 U.S. homeowners received a foreclosure notice.

“The numbers probably would have been higher except for the fallout from the recent ‘robo-signing’ controversy,” says James Saccacio, chief executive at RealtyTrac.

In October, several large banks declared temporary moratoriums on residential foreclosures amid mounting criticism over processes to speed completion of the documentation needed to recover possession of homes from delinquent borrowers.

Read more: N.C. foreclosures up 40% year-over-year | Charlotte Business Journal

(Published in The Charlotte Business Journal, November 11, 2010)

To speak with a certified Realtor in the Charlotte, NC area who specializes in foreclosures, click here.

NC Foreclosure Regulation Papered Over (Excerpt)

Below is an excerpt from the article, “NC Foreclosure Regulation Papered Over” for the Charlotte Business Journal by Adam O’Daniel:

An N.C. law designed to help homeowners who are facing foreclosure lacks teeth, transparency and oversight.

And the only agency responsible for carrying out the law finds itself awash in a sea of foreclosure cases as it enlists receptionists and other clerks to help process filings in Mecklenburg County.

But state regulators defend the process, saying they’ve put numerous programs in place to help owners save their homes.

North Carolina lawmakers in 2009 passed the Consumer Economic Protection Act, which placed new stipulations on banks that seek to foreclose on owner-occupied homes. The law asks lenders to make good-faith efforts to modify the terms of a borrower’s mortgage before foreclosure if a “reasonable likelihood” exists that more time or negotiations will resolve the problems.

But there exists no formal checklist to determine whether a lender has done enough to modify a mortgage before foreclosure. And the public can’t track which lenders cooperate and which ones fall short because no standard documentation of the modification efforts is required.

Instead, judgment falls on the shoulders of the overburdened clerk of court’s office in each county. In North Carolina, clerks of court preside over foreclosure hearings. And officials say the law requires the clerk handling a foreclosure case to ensure efforts were made to modify the loan, if possible.

And if the bank fails to try to modify a loan before bringing it to foreclosure? The clerk can postpone the hearing for 60 days and instruct the lender to try again.

Read more: N.C. foreclosure regulation papered over | Charlotte Business Journal

To speak with a certified agent who specializes in foreclosures, short sales and distressed properties, click here.